OPEC’s oil revenue surged in 2021 as prices and demand recovered from the worst of the COVID pandemic, while the number of its members’ active rigs posted a modest rebound and new completed wells declined, data from the group showed.<\/p>\n\n\n\n
The value of petroleum exports by the 13-member Organization of the Petroleum Exporting Countries reached $561 billion in 2021, up 77% from 2020, OPEC’s Annual Statistical Bulletin published on Tuesday showed.<\/p>\n\n\n\n
As OPEC raised output in 2021, the number of active oil rigs in OPEC members rose by 11% to 489, a smaller increase than that seen worldwide. Top exporter Saudi Arabia added 6 rigs to 65 in 2021, although the total was below the 2019 level.<\/p>\n\n\n\n
OPEC and its allies, known as OPEC+, have been struggling to boost output in line with targets, reflecting under-investment by some members in drilling and exploration. The shortfall is one of the reasons oil prices have soared in 2022.<\/p>\n\n\n\n
The number of completed wells – the process of making a well ready for production, another metric OPEC tracks – in the group’s members declined last year to 1,588, a drop of 280 from 2020 and the lowest since at least 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"
OPEC’s oil revenue surged in 2021 as prices and demand recovered from the worst of the COVID pandemic, while the number of its members’ active rigs posted a modest rebound and new completed wells declined, data from the group showed. The value of petroleum exports by the 13-member Organization of the Petroleum Exporting Countries reached …<\/p>\n","protected":false},"author":9,"featured_media":54086,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[7156,8186,7004,6909],"class_list":["post-67786","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-brent","tag-oil-surplus","tag-opec-2","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=67786"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67786\/revisions"}],"predecessor-version":[{"id":67787,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67786\/revisions\/67787"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/54086"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=67786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=67786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=67786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}